Common use of Payment of Annual Bonus Clause in Contracts

Payment of Annual Bonus. The provision requiring payment of an annual bonus to the Executive is hereby amended such that the last sentence of section 4(b)(ii) of the Agreement is amended to read as follows: Each such Annual Bonus shall be paid within 2 1/2 months after the end of the applicable Plan Year as defined in the applicable plan unless the Executive has properly and timely elected to defer the receipt of such Annual Bonus pursuant to the terms of the Company’s applicable deferred compensation plans in effect at that time.

Payment of Annual Bonus. The provision requiring payment of an annual bonus to the Executive is hereby amended such that the last sentence of section 4(b)(ii) of the Agreement is amended to read as follows: Each such Annual Bonus shall be paid within no later than 2 1/2 months after the end of the applicable Plan Year as defined in fiscal year for which the applicable plan Annual Bonus is awarded, unless the Executive has properly and timely elected to defer the receipt of such Annual Bonus pursuant to the terms of the Company’s applicable deferred compensation plans in effect at that time.